Latest snapshot shows spike in
optimism this holiday shopping season
MURFREESBORO,
Tenn. — The most recent Tennessee Consumer Outlook Survey indicates consumers
across the state are feeling much more optimistic about the economy during this
holiday shopping season.
The
Tennessee Consumer Outlook Index soared to 113 from 47 in September, according
to the latest statewide snapshot of
consumers by Middle Tennessee State University’s Office of Consumer Research. The
quarterly survey consists of a series of questions that measure areas such as
how consumers feel about the local, state and national economies as well as
their personal financial situations and the job market.
“This
pattern of improving outlook was consistent across all three regions of the
state,” said Tim Graeff, director of
the Office of Consumer Research in MTSU’s Jones College of Business. “Additionally, Tennessee consumers feel
optimistic about the potential effects of Donald Trump’s election to president
on the overall American economy.”
The
current survey of 630 Tennessee consumers was conducted between Dec. 1 and Dec.
8, with a margin of error of 4 percent. A
copy of the full report and previous report are available at www.mtsu.edu/consumer/tnoutlookreports.php.
When
asked about the possible effects of the recent presidential election on the
economy, the majority of Tennessee consumers expect that Trump’s victory will
have a positive effect on the future of the overall American economy.
“Even
though there were minor differences in response to the recent election across
the three regions of the state, the general pattern of positive expectations is
consistent across the state,” Graeff noted. “The anticipation of decreased
business regulation, favorable tax policies, construction spending for
infrastructure improvements, and a more business-friendly climate might explain
such positive views.”
In addition to tracking an
overall index, the outlook survey also includes sub-indices that measure
consumers’ outlook on their current financial situations, their future
expectations and their purchasing plans.
Overall,
Tennessee consumers feel much more optimistic about the future of the economy,
Graeff noted, with the Future Expectations Index rising significantly from
28 to 80.
“In
general, Tennessee consumers have found renewed optimism regarding the future
of the overall American economy, the state’s economy, the job market, their
personal financial situation, the stock market, and the value of their savings
and investments,” Graeff said.
“Taken
together, this is exactly the type of good news retailers want to hear heading
into the Christmas and holiday shopping season.”
Consumers
were also asked specifically about their shopping and spending plans for the
Christmas and holiday season. When asked if they did any shopping over the
Thanksgiving weekend (including Cyber Monday), most consumers either made
purchases online (40 percent) or went to big box retailers such as Walmart or
Target (37 percent). Three in 10 (30 percent) did not do any shopping
during the traditional Thanksgiving weekend shopping days.
Improving
optimism regarding the job market and personal finances means consumers may be
more willing “to open up their wallets and spend money” in the future, Graeff
said.
For more information,
contact Graeff at 615-898-5124 or Tim.Graeff@mtsu.edu.
Or visit www.mtsu.edu/consumer.
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